topic Re: Amex APR decrease after a small increase in Credit Cards

Amex APR decrease after a small increase

Anonymous — Wed, 27 Jan 2016 22:13:56 GMT

Hello all! Just got back from out of the country, and had to do some card maintenance; so I wanted to share some good news and hopefully get someone to reproduce these results.

The FED increased interest rates in December, and I got my first statement from AMEX a couple of days ago with a whopping increase of 0.25% APR to 10.49%.

In the past I tried to actually lower my APR with AMEX, given that I have been with them more than 17 years. Everytime I was met with the response that "it is the lowest APR available on the account". So today I called in and spoke with a nice CSR, explained that I wanted a decrease and got an increase instead, and after he spoke to two supervisors, AMEX lowered my APR to 8.49%!

This is my lowest APR and it took them actually raising my APR a bit in order for me to get the results I wanted.

So if you notice that AMEX increased your APR, even by a little, give them a call and you should have a chance of either getting it back to where it was or getting a nice decrease like I did. Good luck to you all!

Re: Amex APR decrease after a small increase

Anonymous — Wed, 27 Jan 2016 23:40:11 GMT

@Anonymous wrote:
Hello all! Just got back from out of the country, and had to do some card maintenance; so I wanted to share some good news and hopefully get someone to reproduce these results.

The FED increased interest rates in December, and I got my first statement from AMEX a couple of days ago with a whopping increase of 0.25% APR to 10.49%.

In the past I tried to actually lower my APR with AMEX, given that I have been with them more than 17 years. Everytime I was met with the response that "it is the lowest APR available on the account". So today I called in and spoke with a nice CSR, explained that I wanted a decrease and got an increase instead, and after he spoke to two supervisors, AMEX lowered my APR to 8.49%!

This is my lowest APR and it took them actually raising my APR a bit in order for me to get the results I wanted.

So if you notice that AMEX increased your APR, even by a little, give them a call and you should have a chance of either getting it back to where it was or getting a nice decrease like I did. Good luck to you all!

Now that's credit union low on a AMEX. Congrats, rserla.

Re: Amex APR decrease after a small increase

Anonymous — Wed, 27 Jan 2016 23:52:12 GMT

Nice.. Enjoy it.

Re: Amex APR decrease after a small increase

ScoreOrBeScored — Wed, 27 Jan 2016 23:53:27 GMT

You've been out the country way too long. This is nothing new..... Congrats on your decrease though

Re: Amex APR decrease after a small increase

Jarrodpd — Thu, 28 Jan 2016 03:27:31 GMT

This is intriguing, I have the HHonors card no AF and currently at 10.49%. I tried to get it decreased before the FED hike and after and both times was informed it was the lowest rate I could recieve. My Amex fico is currently 755 from the December report, and currently im carrying a balance on my freedom card so I wonder if that may be effecting my ability for a decrease.

Re: Amex APR decrease after a small increase

OmarGB9 — Thu, 28 Jan 2016 03:36:57 GMT

Grats

Re: Amex APR decrease after a small increase

Anonymous — Thu, 28 Jan 2016 18:49:36 GMT

@Jarrodpd wrote:
This is intriguing, I have the HHonors card no AF and currently at 10.49%. I tried to get it decreased before the FED hike and after and both times was informed it was the lowest rate I could recieve. My Amex fico is currently 755 from the December report, and currently im carrying a balance on my freedom card so I wonder if that may be effecting my ability for a decrease.

That's a solid FICO score. Mine is in the same range, 786 last time I checked. The point I was trying to bring across was that I rarely, if ever got a APR decrease from AMEX unless there was an increase that came before it. Last time was in 2007 or something lol.

I tried on several occasions last year to lower my APR with AMEX, and was always met with "wow that is a low rate", "lowest I've seen", and "that's the best that we offer". Compared to other cards it was, but given the fact that I've read of successes on this forum, I kept at it.

Having it increase this time opened the door for me to make an argument that I've actually tried to lower it in the past, but it "went in the other direction". The CSR went the extra mile to speak with two supervisors before lowering it 2%.

Try it regardless, but having an increase does seem to play in favor of actually getting it reduced. Good luck!

Re: Amex APR decrease after a small increase

takeshi74 — Thu, 28 Jan 2016 14:42:25 GMT

@Anonymous wrote:

In the past I tried to actually lower my APR with AMEX, given that I have been with them more than 17 years.

APR decreases are not simply exchanged for time. They are based on what your credit profile qualifies for.

Re: Amex APR decrease after a small increase

Anonymous — Thu, 28 Jan 2016 18:49:18 GMT

@takeshi74 wrote:
@Anonymous wrote:

In the past I tried to actually lower my APR with AMEX, given that I have been with them more than 17 years.
APR decreases are not simply exchanged for time. They are based on what your credit profile qualifies for.

Now if we put that into context with the rest of the post, you can see that I was a cardmemder for many years, in good standing that warranted a 10.24% APR to begin with. I have not had a increase in APR with any of my cards, and the only reason that it increased with AMEX was because the FED raised APR "0%- .25% to .25%-.50%"; the same .25% that was increased on my account.

My point was to share news on how I finally had AMEX budge from their "your APR is the best possible" stance and lower it to CU type rates. But I guess you thought that I was not aware that "APR decreases are not simply exchanged for time".

Re: Amex APR decrease after a small increase

Anonymous — Thu, 28 Jan 2016 20:35:28 GMT

Congrats and thanks for sharing your results.